AU Morning Wrap: ASX opened lower; NAB unveiled new A$2.5b buyback

Wall Street Summary
US stocks fall on worries over energy prices, supply shortages and inflation.The $Dow Jones Industrial Average(.DJI.US)$ slips 1.3% to 34358, the $S&P 500 Index(.SPX.US)$ declines 1.2% to 4456 and the $Nasdaq Composite Index(.IXIC.US)$ retreats 1.3% to 13922.

President Joe Biden set to arrive in Europe to discuss the crisis with allies and Tesla opens its first European factory in Germany.

AU Market Watch
Australia's $S&P/ASX 200(.XJO.AU)$ is likely to give back some of its recent gains at the open after US stocks pulled back amid concerns about energy prices, supply shortages and inflation. ASX futures are about 0.7% lower, suggesting the benchmark index will retreat following consecutive gains. The ASX 200 has risen five of the past six sessions and is up 4.7% so far in March.

Australia shares opened lower this morning. The $S&P/ASX 200(.XJO.AU)$ lost 0.26 per cent to 7359 as of 10:34 pm.

Stocks to Watch
$JB Hi Fi Ltd(JBH.AU)$, which is midway through a $250 million off-market buyback, said sales at its core Australian JB stores have risen 10.5 per cent for the quarter to date, and are up 5.1 per cent at its Good Guys business.

$Southern Cross Media Group Ltd(SXL.AU)$ has told the ASX it received unsolicited approaches for its regional television businesses as it announced an on-market buy back scheme of up to $40 million.

$National Australia Bank Ltd(NAB.AU)$ has made a double-barred announcement on share buy-backs this morning.While simultaneously completing the $2.5 billion buy-back announced last July, NAB has launched another buy-back worth $2.5 billion.

Ex-dividend Companies: $Spark New Zealand Ltd(SPK.AU)$, $Healius Ltd(HLS.AU)$, $Cash Converters International Ltd(CCV.AU)$

Dividends Paid: $Insurance Australia Group Ltd(IAG.AU)$, $Santos Ltd(STO.AU)$, $Downer EDI Ltd(DOW.AU)$, $Bega Cheese Ltd(BGA.AU)$, $Medibank Private Ltd(MPL.AU)$, $oOh media Ltd(OML.AU)$, $Viva Energy Group Ltd(VEA.AU)$

Commodities
• Iron ore prices were largely unchanged.
• Oil prices spiked after Russia confirmed that oil exports via the Caspian Pipeline Consortium (CPC) will fall by around 1m barrels a day due to storm damage.
• Gold prices pushed higher as a slight risk-off attitude returned and bond yields eased.

Source: Dow Jones Newswires, Market Index